Venezuela loses bid to recuse arbitrators in Conoco dispute

CARACAS, July 1 (Reuters) - A World Bank tribunal has
rejected Venezuela's request to recuse two arbitrators in a
dispute with U.S. oil firm ConocoPhillips linked to the
2007 nationalization of the company's assets in the OPEC nation.

The Oil Ministry said in March it asked the International
Centre for Settlement of Investment Disputes (ICSID) to remove
arbitrators Kenneth Keith and Yves Fortier from the three-person
panel for their "marked attitude against the Republic."

The ICSID's administrative council rejected the request,
describing Venezuela's complaints as "unsubstantiated" and
"irrelevant," according to a document posted on its website (goo.gl/RrMyIv).

Conoco is seeking compensation over late socialist leader
Hugo Chavez's 2007 takeover of projects including two
multibillion dollar heavy oil operations. ICSID in a partial
ruling last year said that move was unlawful.